Genius (NYSEMKT:GNS) stock is on the move Friday after the company announced a new effort to stop alleged illegal short selling of its shares.
According to a press release, the company’s Board of Directors signed off on a plan to stop this short selling. This has the company creating an “Illegal Trading Task Force” that will work with regulators to uncover potential market manipulation.
Genius notes that the task force is being led by Timothy Murphy, an independent director on the company’s board and former Deputy Director of the FBI. Director and Audit Committee Chair Richard Berman and CEO Roger Hamilton are also part of the task force.
Genius intends to provide more details about its short-selling task force in the coming weeks. The company will also hold a shareholder meeting to get approval for the actions needed to combat short-selling activities.
How This Affects GNS Stock
News of the task force is boosting investor morale with recent rallies and heavy trading. That includes the company seeing some 122 million shares change hands as of this writing. That’s already well above the daily average trading volume of about 4.9 million shares.
GNUS stock is up more than 70% as of Friday morning and up more than 900% year-to-date (YTD).
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.